SHANGHAI, Aug. 12 (SMM) – Three-month aluminum on the London Metal Exchange opened Monday at USD 2,024.3/mt. Investors closed short positions during the European trading hours. This, along with an easing of geopolitical tensions and rising US stock markets, helped the light metal end USD 11.8/mt higher at USD 2,035.8/mt. Trading volumes were down 207 lots to 8,207 lots, with positions down 6,755 lots to 923,984 lots.
On Monday night, SHFE 1410 aluminum contract moved sidelines after starting higher at RMB 14,170/mt, and finished the night session at RMB 14,155/mt. Trading volumes totaled 23,106 lots, with positions up 3,170 lots to 147,762 lots.
Investors will closely watch the developments in geopolitical crisis, with the most active SHFE aluminum contract expected between RMB 14,120-14,160/mt on Tuesday. In China’s physical market, spot discounts of RMB 0-40/mt are expected over SHFE 1408 aluminum contract.